A supervisor for Europe?

One European lesson from the crisis could be for better cross-border supervision

Pop artists gather every year at the European song contest to launch an assault on aural and fashion decency. The idea is to pick out a song for Europe from this motley crew of sequined but subprime crooners. EU member state regulators have largely been singing their own songs in reaction to the financial crisis of the past year. National moves towards banking bailouts, short-selling bans and depositor protection schemes have all resulted in the sort of unco-ordinated, tuneless cacophony you